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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Central Bank of Iraq: Taxes and customs are the perfect alternative to oil

rocky
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Central Bank of Iraq: Taxes and customs are the perfect alternative to oil Empty Central Bank of Iraq: Taxes and customs are the perfect alternative to oil

Post by rocky Thu 24 Nov 2022, 6:17 am

Central Bank of Iraq: Taxes and customs are the perfect alternative to oil

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Economy News-Baghdad
The advisor to the Central Bank of Iraq, Ihsan al-Yasiri, said in a speech during his participation in the scientific conference of the Ministry of Finance entitled (The conference title is reforming the banking sector, our way to achieve economic advancement) on (November 23, 2022) that “the conference is completely consistent with the concerns of the Central Bank and its continuous efforts to reform the banking sector as one The most important engines of development in the country, as our banking sector arose from the womb of the socialist system, especially the government banking sector, which acquires the largest percentage of government and public deposits, which mainly affects the operational capacity of the banking sector.
 He added, "Despite our sincere attempts to launch our strategic plans to enhance financial inclusion and localize renewable energy projects and other projects, which often guarantee salaries and wages, the government banks' acquisition of the tasks of distributing the incomes of government workers, retirees, or beneficiaries of social protection who are Basically, the environment in which financial inclusion is achieved and those who are relied upon to adopt the Central Bank's initiatives in expanding financial inclusion and purchasing electricity generation units from renewable energy and others, and then the government banking sector becomes the major lever to achieve our line and move economic development and major development to the global banks.
He explained that "there are limitations imposed by some institutions during their application of laws. For example, the tax accounting of banks and non-banking financial institutions prevents the application of international accounting standards and financial reporting standards, as the tax authority refuses to deal with the allocations required by those standards and returns those allocations to the taxable income." Although there is a representative of the financial allocations on the Accounts Control and Auditing Service Board and on the Standards Board.
And he warned of "the need to reform public financial institutions, especially the main tax institutions, which are taxes and customs, as they are supposed to be relied upon to enhance treasury resources when oil becomes a secondary source of energy in the world, and it is also relied upon to bridge financing gaps when oil prices drop, and as a result, they are areas of sustainability, not oil." .
He pointed out, "All the efforts made by countries to create industrial and agricultural development and to localize the skills of commercial and service work will not be achieved unless the financial and banking system is effective and present. Money is the lifeline, and the channels for the passage of money between money owners on the one hand and investors and project owners on the other hand are banks and institutions." Non-bank financial, and unless these channels are qualified to transfer money from their owners to those in need, the desired development will not take place and the money will not grow.
He said, "It is gratifying that the Central Bank, our banks, and the rest of our financial institutions have enhanced their expertise in leading the transformation of banking work to horizons that guarantee adaptation to banking techniques, which contributed and contributes to facilitating procedures for approving and realizing the benefits of working in various environments, some of which present different challenges."
Al-Yasiri pointed out that "the work mechanisms associated with the tasks of banks in Iraq are not without difficulties related to the nature of looking at money, its functions, and the expectations of the public in dealing with it, so that some people believe that all lending operations are a type of grant that should not be recovered, which requires banks to double procedures The guarantee that guarantees the recovery of those loans, which prompts them to put in place routine arrangements that some consider unnecessary, while banks see that they are necessary to recover the money.
He continued, "We tried, in our initiative that we launched in 2015, and its total funds amounted to about 18 trillion dinars, to set requirements that guarantee the safety of lending operations from the start, and then guarantee recovery operations, which are requirements that are suitable for adoption and facilitating lending operations on their basis smoothly."
He noted that "facilitating access to funds, spreading a culture of sanctity of money, strengthening the strategy of financial inclusion, and the cooperation of all parties to the lending and borrowing process represent basic pillars in creating development, and that the Central Bank is trying hard with the rest of the partners to lead a national banking and financial system capable of meeting the public's requirements in various aspects." ".


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Added 11/24/2022 - 11:41 AM
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